For all you financial gurus out there, I'm in need of some advice on two different tax questions. I feel like I'm wandering around the desert looking for the oasis. The first is the accelerated tax break for buying things before the end of this year. I've heard about this in ads and announcements, but have not been directed to a specific law that says how it works. Have heard that you have to take possession by year's end, but does it have to be operational as well? Second question concerns the LEEDS program that shows you love the environment, trees, fish, and teddy bears. Besides a nice certificate you can hang on the wall there are susposed to be tax credits or refunds available. Why make a financial investment to be "greener" if there are no financial rewards? I have read this in many releases and articles, and even talked to people at my state level, and yet not one of them can cite the friggin law that allows it. (If you want to see how your tax dollars are truly wasted call one of these agencies and try to get information you can use.) Any help on these will be greatly appreciated. Why, I'll even get you a nice certificate you can hang on your wall. Just kidding.
Tax break questions?
- Thread starter mac
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pitzerwm
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the investment tax is an immediate write off on purchases, (I assume delivered, but install isn't considered) made by the year in. I looked in my Schedule C and since I haven't bought any equip. It doesn't come up. Look in your 1120's I believe that it was up to $200K, but I think Obama is going to remove that next year. Go to the IRS site and see if you can find the form.
I don't know about the LEEDS thing. Use our Google search above, the lower one, and you will find info. Its about buildings I think.
I don't know why you haven't learned not to call any government agency, when you can't be fired, why bother to learn anything, in fact the dumber you are the quicker you get promoted, to get you out of that manager's hair.
I don't know about the LEEDS thing. Use our Google search above, the lower one, and you will find info. Its about buildings I think.
I don't know why you haven't learned not to call any government agency, when you can't be fired, why bother to learn anything, in fact the dumber you are the quicker you get promoted, to get you out of that manager's hair.
Earl Weiss
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http://www.preferredtelephone.net/section179.php
According to this the 2010 limit is $135,000.00 for equipment placed in service in 2010.
According to this the 2010 limit is $135,000.00 for equipment placed in service in 2010.
Reds
Member
It is supposed to be operational. Who's to say when it went into operation is your call. But you do need to pay for it with this years disbursements. Maybe even prepay in order to take the credit. Talk to your accountant.
section179.org is a very informative site on this subject. The limit for 2010 is 500K. The Bush tax cuts were so bad they decided to double down on them. The section 179 deduction and bonus depreciation can cause you to pay more tax in the long run if you are not careful. By taking all of the deduction at once it can put you in a higher tax bracket later.
Thank you all for the tax info. The LEED thing is for environmentally friendly buildings. Everyone wants to be green - even the ICA! I think I can get more info on it from Kermit the frog, at least he's green.
